CIMB Folds Australian Investment Banking Arm

Posted by Anton Murray Consulting on 10 Feb, 2015

Ian Rogers

CIMB Group will close its investment banking arm in Australia, the Malaysian bank said yesterday.

It said that “following a strategic review… it will be closing its offices in Sydney and Melbourne. This follows an announcement last Friday where CIMB stated it was looking to reduce its Asia Pacific investment banking and equities operating cost by 30 per cent in 2015.”

CIMB cited “the realities of today’s capital markets and the absence of sufficient flows.”

It said the majority of CIMB’s 103 Australian staff would be affected.

The firm said it planned to “continue to support its clients who want access to the Australian market through its current strategic alliance with Morgans Financials Limited.”

CIMB is one of three banks, along with RHB Capital Bhd and Malaysia Building Society, that first announced an intention to merge last July.

Late last month the trio said they ceased discussions on the proposed merger, pointing to unfavourable economic conditions hindering their primary stakeholder objectives.

Banking Day

Latest market insights

Lonsec makes new executive appointments

› Read more

RBA names new head of domestic markets

› Read more

Why nuance matters in ESG investing

› Read more

Fed issues warning to banks over crypto-assets

› Read more

Asset managers urged to adopt uniform ESG standards

› Read more

Twitter feed

RBA names new head of domestic markets: http://ow.ly/ZIAa50MLhHk

This is an exceptional Unit Pricing Analyst position, working for a highly-regarded super fund based in Melbourne on an initial 6-month contract: http://ow.ly/roiP50MK80k

Why nuance matters in ESG investing: http://ow.ly/3UjJ50MK7Ev

Our client is a leading Australian financial institution seeking an experienced and knowledgeable Treasury Operations candidate to join and lead their small Treasury Ops team: http://ow.ly/Syuv50MIBIh

Sign up to our newsletter

Sign up to our newsletter

"*" indicates required fields

By subscribing to our newsletter I agree to the collection, use and disclosure of my personal information in accordance with our Privacy Policy